The Sir Ratan Tata Trust and the Sir Dorabji Tata Trust have postponed their board meetings to May 16, a day after the Bombay High Court cleared the way for the proceedings to go ahead. The meetings were originally scheduled to discuss a key agenda: reviewing the nominee directors for Tata Sons, in which the two trusts hold a controlling 52 percent stake.
Key Trustees at Odds Over Listing
Among the trustees, chairman Noel Tata and vice-chairman Venu Srinivasan serve as nominee directors on the Tata Sons board. The two are at odds over a potential public listing of the company, with Srinivasan in favor and Noel opposed. This disagreement has been a significant point of contention within the trusts.
Last-Minute Cancellation
Srinivasan and Vijay Singh had logged in virtually for the 9 am meeting, while Jehangir Jehangir and Bhaskar Bhat had traveled to attend. Jehangir arrived from Pune the previous day, and Bhat flew in specifically for the meeting. However, they were informed at the eleventh hour that the meetings had been postponed. A communique from the Tata Trusts chief executive announced the new date. The two trusts typically hold separate meetings but had planned a joint session on this occasion.
Rival Factions Blamed
Corporate lawyer Swapnil Kothari attributed the development to “rival factions” within the trusts, which are divided on crucial decisions such as the public listing of Tata Sons and the reappointment of company chairman N Chandrasekaran. At the Tata Sons board meeting held in February, Chandrasekaran’s reappointment for a third term was deferred. Srinivasan supported his continuation, while Noel raised objections, further highlighting the rift.
The postponement underscores the ongoing internal strife within the Tata Trusts, which control the conglomerate's flagship company. The new meeting date of May 16 will be watched closely as the factions seek to resolve their differences.
